tenants in common
Protect Home With Estate Planning
Estate planning is crucial to ensuring your family’s safety upon the death of a family member. When you live in a home but your name is not on the home’s title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it’s important to structure property ownership in a way that protects you in case they pass away.
Joint Tenancy With Rights And Tenancy In Common
Holding title in joint tenancy with rights of survivorship means that each owner of the home owns an equal undivided share of the home and in case one of the owners dies the remaining owners automatically own the property together. Changing the title to a tenants in common ownership would allow people to own a property in percentages.
Using 1031 Exchange For Building Owned With Friends
Using a 1031 exchange on jointly-owned property depends on if the homeowners own the home as joint tenants or tenants in common. The cost of setting up a 1031 exchange trust isn’t much but the benefits of deferring a significant amount of tax to the Federal government can be tremendous. The rules regulating 1031 exchanges are rather strict.
Pay Off Mortgage, Hold Title In Only Your Name
How can you get the name of a fellow home investor off a deed after you pay off the mortgage to a home? You may initially need a partner to buy a home, but what can you do if you pay off the mortgage and your partner disappears? You likely want the home’s title to list only your name when you pay off the mortgage. To change this you’ll need to go to court and file a partition lawsuit with the help of a knowledgeable attorney.
Adding a Name to a Title
It’s fairly easy to add somebody to your title. Simply draft and execute a new deed transferring an interest in the title. But there are a few things to consider when adding someone to the title of your home.
